Matrix Advises Ports Investments on Horizontal Wireline Sale
Matrix Capital Markets Group announced that it advised the members of Ports Investments on the successful sale of its controlling ownership interest in Horizontal Wireline Services. Horizontal was purchased by Houston-based Allied Wireline Services, a portfolio company of Turnbridge Capital, an energy-focused private equity firm.
Ports made its initial investment into Horizontal in 2010. Since then, Ports and its members have provided executive guidance, capital support and administrative services to Horizontal as it experienced rapid growth.
Mike Ports, managing member of Ports, said, “Ports Investments is very proud to have been involved in the initial capitalization and ultimate sale of Horizontal Wireline Services. We greatly valued the advice of Matrix as we moved through the process.”
Matrix provided merger and acquisition advisory services to the members of Ports, which included valuation advisory, transaction structuring and negotiating. The transaction was managed by Tom Kelso, managing director and head of the Matrix Energy and Multi-Site Retail Group and Spencer Cavalier, managing director.
Kelso commented, “We have enjoyed a long relationship with the Ports family, and we greatly appreciate their confidence in us as we expand our reach into the oilfield services industry. We congratulate Mike, his family and their entire team on an extraordinary success.”
Harold Maxfield of Cavitch, Familo & Durkin served as legal counsel for Ports and Horizontal.
Founded in 2010 and positioned in the Marcellus, Utica, Eagle Ford and Woodbine shales, Horizontal is a provider of downhole completion and evaluation solutions.